Mumbai, 6 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures tumbled on Tuesday on pressure from declining European futures and stiff competition for global export business from Russia, traders said.
Euronext wheat futures fell to new 3-1/2-year lows.
Traders kept an eye on weakening prices in Russia, the world's biggest wheat exporter.
Algerian state grains agency OAIC bought milling wheat in an international tender, European traders said. The Black Sea region, including Russia, was seen as the likely origin of the initial purchases.
Russia may export up to 65 million tons of grain in the 2023-2024 exporting season, Interfax news agency quoted President Vladimir Putin as saying.
CBOT May soft red winter wheat futures ended down 13 cents at $5.51 per bushel after setting a contract low of $5.46-1/4.
K.C. May hard red winter wheat fell 11 cents to close at $5.69-1/4 per bushel, and MGEX May spring wheat last traded down 4 cents at $6.55-1/2 a bushel.
(By Commoditiescontrol Bureau: 09820130172)
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